3 Wells St

Enfield, NH 03748

$399,000B

4 bd · 2.0 ba · 2,418 sqft · Built 1900 · MultiFamily · Active · 3 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $6,800/mo
• Mortgage (P&I): −$2,092
• Tax + insurance: −$651
• HOA: −$0
• Vac / Maint / Mgmt: −$1,428
• Net cashflow: $2,629/mo
• Annual: $31,546/yr
• Cap rate: 14.20%
• Cash-on-cash: 28.24%
• DSCR: 2.26
• 1% rule: 1.70%
• Cash to close: $111,720

Investor read

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $399k.
• At list price, monthly cash flow is $3k ($32k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $399k).
• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $43k of equity ($3k loan paydown + $40k appreciation (10.0% local appreciation)).
• Location reads 62/100 on livability (#85 in NH) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A; Watch: health & safety D, amenities F, commute F.
• Mascoma Valley Reg School District (rural): math 36% / reading 50% proficiency, ranked #56 of 98 in NH (top 57%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Enfield Village School (math 74% / reading 74%, grade A, #13 of 263 statewide, top 6%, 214 students, 22% FRL) — zoned schools at 22% FRL track the district average.
• Zoned-school proficiency averages 74% at this address vs 43% district-wide (+32 pts) — the actual schools serving this property are materially stronger than the Mascoma Valley Reg School District average implies; a family-tenant draw the district grade alone would hide.
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 28 active listings in the ZIP; 487 units permitted in Grafton County in 2024 (127 in 5+ unit buildings).
• Grafton County population projected at -13% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $112k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$69k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 14.2% vs local median 1.9% in Enfield — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Questions for listing agent

• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
• What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
• How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.